The official news from Chariot is we are in a process on block 2714A. I suppose we will have to find out by August 31st.
mcfcnige I'm not so sure about BP being a diamond sponsor for this years Namibia Oil & Gas conference. I think that relates to 2012 conference but might be worth confirming with conference organisers as quite important with BP pulling out of Serica licence.
"I sent the Bloomberg report that was posted on a bb a few weeks ago claiming BP were not renewing their interest in block 2714A to Chariot. They did say it seemed like a legitimate report but wouldn't comment on this. They said if they get this news it will released straight away via an RNS. Personally I think something is going on regarding negotiations on block 2714B, BP/PB believed the oil may have migrated to shallower parts of the region. Well after the 2D data set that came back stating 2714B was proof of a possible shallower petroleum system it stands to reason, plus Namcor wanted in on this with a 10% carried interest and only 5% given to Quiver Oil! We hold 85% of the block.
As Trigg has pointed out, we are priced at a level that has written off block 2714A and have no value to asset 2714B, and after our 1p rise for bringing in an estimated $12.5m in back costs for 25% of our Rabat Deep portion of our licence! I agree we are undervalued, the market will only value, IMO, firm drilling plans now for exploration. This latest farm out has key timing as it now almost certainly means we will drill Rabat Deep (Morocco) next year and anything else could be a nice surprise. "
And posted by preciousmaj
"I know for a fact that there is bad news regarding block 2714a in Namibia but there are too many on this bb with rose tinted glasses who cannot see that this is possible even though there has been very little mention of the block since nimrod. Contact Petrobras and BP yourselves and you will find out. I have taken this up with the company but they do not want to discuss this even though this is news that should be reported. I suspect that they are either discussing further opportunities with PB and BP or they are discussing block 2714a with another company."
I now believe BP/Petrobras will not renew 2614a because of the required 2714a drill commitment and because 2714B is tastier. Mulunga has said that BP will stay in Namibia so where will they go to? All licenses are pretty much valued at zero by the market so no impact on sp. My twitcher tells me Centrals tier 2 and Brazil tier 1 next - and still a possibility of a quick tier 2 farm-out post Mauritania CPR - remember the cairn rig has a free slot post Senegal in q4 2014. I have a good feeling about Centrals and believe we will soon have plenty of our own action to get excited about ..2714B will be next years news ...
A positive result here and things could look really good for Chariot in morocco. Great farm out deal again by management announced yesterday and very happy holding for an exciting year or two hopefully.
As we can all agree, yesterday's news was unexpected and reassuring in a sense that we now know CHAR are very capable of farming out despite hostile market conditions.
Having read the FS, it is mentioned that both Namibia and Mauritania are “Drill ready” in 2014. They then go on to mention that the central Namibian blocks are drill-ready and that "partnering process initiated with the aim of drilling with a partner in 2H 2014, subject to successful farm-out and rig availability".
With regards to Mauritania, they mention that "Resource update in 2H 2014 post interpretation. Partnering process will be initiated for drilling as soon as possible thereafter with anticipated drilling to commence 1H 2015 should this be successful".
My bet is for the next few imminent RNSs to be as follows, in no particular order: - Mauritania CPR update - Tier 2 Namibia farm out w/ drill date announced - Block 2714A renewal (?) - Tier 2 Mauritania farm out w/ drill date announced - Brazil Tier 1 farm out
The first 4 are potential catalysts which may trigger a re-rating. 2014 will be a good year for CHAR.
" The Rabat Deep Offshore licence area is located 50km offshore in water depths ranging from 150m to 3,500m. On reprocessed and interpreted 2D seismic the Company has identified a large, 149km2 four-way dip faulted Jurassic carbonate structure, JP-1, with a gross mean prospective resource potential of 618mmbbls.
The prospect sits adjacent to source rock modelled to be oil generating and is supported by extensive on-block oil slicks, seeps and seismic Direct Hydrocarbon Indicators
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